geez the aussie is struggling, page-15

This capitulation in the Aussie dollar will have caught all commodity producers on the wrong side of a hedge that someone is taking the pain for. This is a very serious area of risk for the Australian commodity sector because everyone is focussed on short term liabilities rather than the longer term benefits of a capitulated oz dollar. The Reserve Bank needs to be mindful of the risks coming from such a rapid move down in the currency.